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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kbw | NYSE:KBW | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.40 | 0.00 | 01:00:00 |
Stifel Financial Corp. (SF) has agreed to buy KBW Inc. (KBW) in a cash and stock deal worth over $575 million that allows Stifel to expand its footprint in the financial services sector.
Shares of KBW rose 17.5% to $19.15 in light premarket trading, while those of Stifel rose 1.9% to $32.50.
The combined company will provide investment banking, sales and trading, and research in the financial services vertical through KBW's Keefe Bruyette & Woods broker-dealer subsidiary, which will continue to operate as an independent subsidiary of Stifel following the deal's close.
Under the deal's terms, KBW shareholders will receive $17.50 a share--made up of $10 a share in cash and $7.50 a share in Stifel common stock--which is a 7.4% premium over KBW's Friday closing price. Additionally, holders of certain restricted KBW shares, that will continue to vest post closing, will receive $17.50 in Stifel stock.
Stifel noted that about $250 million in excess capital on KBW's balance sheet is expected to be immediately available to Stifel upon closing. It said annualized net revenues for the two companies are about $1.8 billion, based upon 2012 results through the end of the third quarter.
Also Monday, KBW reported that its third-quarter loss narrowed as total revenue rose, as its principal transactions revenue increased.
Meanwhile, Stifel reported that its third-quarter earnings climbed 69% as principal transactions revenue popped 34%.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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